Several large tracts of undeveloped land outside booming Georgetown, Texas, that were formerly part of a bankruptcy have been sold. Illinois-based Hilco Real Estate completed bankruptcy sales on eight of 10 tracts, part of a 173-acre interstate development called Longhorn Junction.
Hilco has closed $35 million to date on the properties, which had seen two bankruptcies and was on the market for an extended period that included the height of the pandemic in the United States.
Site preparation is expected to begin on several of the recently closed tracts this year, said Hilco’s Steve Madura. Its uses include a charter school; a regional brewery, restaurant and music venue; an auto repair facility; a hotel, a travel center and a 1-million-square-foot industrial/logistics building. The development will bring a projected 1,000 jobs to Georgetown, Madura said.
The parcels are on a highly trafficked section of I-35 on the south side of Georgetown, a city of 76,000 about 30 miles north of Austin. The city is one of the fastest-growing in the United States and has seen a 57 percent increase in population since 2010.
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